CMLOG(SH:603967) Tianfeng Securities·2025-11-13 13:15Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's main business, cross-border container logistics, has seen a revenue decline of 25% year-on-year in the first half of 2025, primarily due to falling freight rates, with the CCFI down 8% [1] - The overseas logistics segment has shown significant growth, with a 59% increase in revenue to 101 million yuan in the first half of 2025, driven by efficient maritime transshipment services [2] - The engineering logistics sector is experiencing robust demand, with a projected revenue increase of 13% to 844 million yuan in 2024, supported by the company's competitive advantages in specialized equipment [3] - The company has a strong cash position and offers generous dividends, with projected DPS increasing from 0.45 yuan in 2022 to 0.75 yuan by 2026, corresponding to a dividend yield of over 6% [4] Financial Summary - Revenue is projected to decline by 15.51% in 2025, followed by modest growth in subsequent years [10] - The company's net profit attributable to the parent company is expected to be 2.74 billion yuan in 2025, with a growth rate of 8.51% [10] - The company maintains a healthy balance sheet with an asset-liability ratio of 37.84% and a projected P/E ratio of 15.46 in 2025 [6][10]